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Credit Suisse Deferred Compensation Update
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, January 30, 2019.
Over three years ago, on October 20, 2015, Credit Suisse abruptly announced it was exiting the U.S. wealth management business and closing its U.S. private banking group. At the time, Credit Suisse had over 300 registered brokers in its U.S. private banking unit. [...] Read More
Financial Services Firms to Launch New Members Exchange
By Jonah A. Toleno of Shustak Reynolds & Partners, P.C. posted on Tuesday, January 22, 2019.
Nine financial services firms have announced plans to start their own trading exchange called the “Members Exchange”. Among the founding banks and brokerages are UBS, Morgan Stanley, Bank of America Merrill Lynch, Charles Schwab, and Fidelity Investments. [...] Read More
Edward Jones Awarded Damages in Claim Against Former Broker
By Matias Montillano of Shustak Reynolds & Partners, P.C. posted on Tuesday, January 15, 2019.
On January 9, 2019, a Financial Industry Regulatory Authority (FINRA) panel found a former Edward Jones broker liable for $24,873 in compensatory damages due to the broker’s breach of contract and restrictive covenant with the firm [...] Read More
Financial Adviser Alert: Failure to Comply With FINRA 8210 Request Results in Adviser Bar
By George C. Miller of Shustak Reynolds & Partners, P.C. posted on Monday, January 14, 2019.
In late December 2018, FINRA barred former Morgan Stanley financial advisor Daniel T. Levine from associating with any FINRA member firm in any capacity by way of an Acceptance Waiver and Consent (AWC) settlement agreement.[...] Read More
Former Wells Fargo Advisor Wins $750,000 FINRA Award in Deferred Compensation Claim
By Matias Montillano of Shustak Reynolds & Partners, P.C. posted on Friday, November 9, 2018.
On December 5th, a Financial Industry Regulatory Authority (FINRA) panel in New York city awarded a former Wells Fargo financial advisor, Christopher John Tisi, $750,000 in a claim against Wells Fargo Advisors, LLC for deferred compensation. [...] Read More
Ex-Wells Fargo Advisor Granted Class Cert in Claim for Deferred Compensation
By Matias Montillano of Shustak Reynolds & Partners, P.C. posted on Friday, November 9, 2018.
Robert Berry worked as a financial advisor for Wells Fargo Advisors, LLC from 1994 until 2014. From 2005 to 2014, he participated in the Wells Fargo Advisors Performance Award Contribution and Deferral Plan [...] Read More
Firms Continue Aggressive Tactics Against Departing Advisors
By Katherine S. Bowles, Esq. and Carter E. Watkins of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 21, 2018.
Both Protocol and Non-Protocol firms have continued their sue-first-ask-questions-later litigation strategy against departing advisors, and advisors should be on high alert even when they are making a Protocol transition. [...] Read More
FINRA Promissory Note Claims: Not Always a Slam Dunk Win for the Firm
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 7, 2018.
For the past 15+ years, it was extremely common for firms to recruit high-producing financial advisors and teams from one firm to another through large, up-front and back-end bonuses, often totaling 300% or more of the advisor’s Trailling-12 production [...] Read More
Morgan Stanley Continues Aggressive Litigation Against Departing Advisers Post "Prexit" (Broker Protocol Exit)
By Katherine S. Bowles, Esq of Shustak Reynolds & Partners, P.C. posted on Friday, September 21, 2018.
It has been almost a year since Morgan Stanley abruptly exited the Protocol for Broker Recruiting (“Protocol”), and in that time it has implemented an aggressive legal strategy against departing advisors. [...] Read More
“You Can’t Change What You Can’t See” – the ABA’s 2018 Report on Racial & Gender Bias in the Legal Profession
By Jonah A. Toleno of Shustak Reynolds & Partners, P.C. posted on Wednesday, September 19, 2018.
Earlier this month, the American Bar Association (ABA) issued its first-ever report on research conducted jointly by the ABA Commission on Women in the Profession (the “Commission”), the Minority Corporate Counsel Association (“MCCA”), and the Center for WorkLife Law at the University of California, Hastings College of the Law. [...] Read More